Wencor Group to launch $540 million credit facility on Thursday

By Sara Rosenberg

New York, June 11 – Wencor Group LLC (Jazz Acquisition Inc.) is set to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $540 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the lead banks on the deal.

The facility consists of a $65 million revolver, a $320 million seven-year first-lien covenant-light term loan and a $155 million eight-year second-lien covenant-light term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due on June 26, the source added.

Proceeds will be used to help fund the buyout of the company by Warburg Pincus from Odyssey Investment Partners LLC.

Closing is expected this quarter, subject to customary regulatory approvals.

Wencor is a Springville, Utah-based designer, repair provider and distributor of aftermarket aerospace components.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.